Cardano fell below the $0.348 level and the market showed that bears were in control. Analysis of the daily and 4-hour timeframes highlighted the next bearish targets.
in other areas such as DeFi activity or development, the market sentiment did not favor the buyers. At the time of writing, ADA bears were firmly in control.Source: ADA/USDT on TradingView
The level highlighted in blue on the charts showed the bearish structure break on 8 May. Late in May, the price pushed to the local highs at $$0.386 but was quickly overwhelmed by the bears.and Binance US gave the bears the impetus they needed to drive prices lower. On the daily timeframe, the move beneath $0.3485 meant ADA is on its way to forming a new lower low and perpetuating the downtrend. To the south, the $0.297 low from March was a possible target in the coming months.
Other shorter-term support levels were marked in orange based on the 4-hour chart. For example, the one at $0.3366 was respected almost perfectly on 6 June before a bounce to $0.357 occurred. Hence, the next levels for ADA traders to watch out for are $0.3366 and $0.3157. The OBV has been in a slow downtrend since mid-April, but trading volumes were not significantly strong in the past three weeks. Hence, the OBV did not drop noticeably in June. Meanwhile, the RSI showed increasing bearish momentum.Throughout May the 90-day mean coin age was in an uptrend. This showed an accumulation of ADA across the network. Yet the past few days of trading saw Cardano face rising bearish sentiment. ADA prices dropped 10.7% within the past 72 hours.
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